Market Rundown: US Shutdown Snapback Falters on Fed Rate Cut Fears, UK Tax U-Turn Volatility

US Market Selloff Amidst Fed Uncertainty

• 📉 The US stock slump deepened as traders reacted to the possibility of a more hawkish Federal Reserve.
• 💡 Missing economic data has left the Fed guessing, causing markets to feel the impact as high-flying stocks tumbled.
• 📊 Traders now see the odds of a December Fed rate cut at around 50%, a sharp decrease from the previous week, with Fed officials offering no clear direction.
• ⚠️ The October jobs report will be released, but notably without the unemployment rate, adding to data uncertainty.

Bitcoin's Bearish Turn

• 💰 Bitcoin has fallen significantly below the $100,000 level, extending a slump that has erased nearly $450 billion in value since early October.
• 📉 Support from investment funds and ETFs has waned, removing a key pillar of this year's rally.
• 🧭 Analysts suggest crypto is now in a bear market, with $93,000 identified as the next key level to watch.

UK Market Volatility and China's Economic Slowdown

• 💷 UK assets are facing turbulence following Finance Minister Rachel Reeves' tax U-turn, which has reignited budget fears.
• ❓ Questions arise on how the UK plans to cover a revenue gap of up to 35 billion pounds after dropping plans to raise income taxes.
• 📈 UK government bond yields jumped significantly, marking the largest increase since July.
• 🇨🇳 China's fixed asset investment dropped by 1.7% in the first 10 months of the year, a record decline, indicating a loss of economic momentum heading into Q4.

Novo Nordisk Shareholder Tensions

• 🤝 Minority investors at Novo Nordisk are set to protest a board overhaul engineered by the Novo Nordisk Foundation, which holds a majority of voting rights.
• 🎯 The shakeup aims to strengthen Novo Nordisk's position in the competitive obesity drug market, where Eli Lilly is a major player.